Certified Appraisals, Inc. Blog

Below is a graph depicting sales volume trends for the period January 2021 thru April 2024 for residential sales in El Paso County. 


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Posted by JOHN CORDASCO, SRA on May 15th, 2024 1:10 PMLeave a Comment

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Below is a graph depicting mortgage interest rate trend for the five-year period of May 9, 2019, thru May 9, 2024. There is no indication that the rates are trending downward. 


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Posted by JOHN CORDASCO, SRA on May 14th, 2024 8:28 AMLeave a Comment

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Below are graphs for the period January 2023 thru April 2024 for monthly sales volume versus monthly sales prices. Both graphs depict and upward trend for volume and average sale price. This is potentially a good sign for the rest of the year.  



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Posted by JOHN CORDASCO, SRA on May 6th, 2024 3:23 PMLeave a Comment

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Below is a graph of Mortgage rates versus Mortgage applications for the period between February 1, 2019, and February 1, 2024.  


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Posted by JOHN CORDASCO, SRA on February 1st, 2024 3:56 PMLeave a Comment

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Below is data representing monthly sales volume from January 2014 through December 2023. Only six times during this 10-year period has monthly sales volume been less than 700 units and only three times has sales volume been less than the volume in December 2023.  For the year 2023 monthly sales volume was below 700 units three times. 


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Posted by JOHN CORDASCO, SRA on January 4th, 2024 11:10 AMLeave a Comment

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At the end of November 2023 months of inventory where similar to the months of inventory from 2015. Sales prices continue to remain somewhat stable, though there may be a downward trend. Will see how this trend plays out over the next two months. 

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Posted by JOHN CORDASCO, SRA on December 5th, 2023 9:04 AMLeave a Comment

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Below is a graph depicting sales volume and months on inventory for the period of January 2022 through December 2022. Months of inventory have not reach 4.0 months in the past two years. Actually, looking back further, months of inventory has not been this high in El Paso County since 2015 (graph is included).  Sales prices year to date continue to be relatively steady with no major impact as of the end of November.  


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Posted by JOHN CORDASCO, SRA on December 4th, 2023 3:29 PMLeave a Comment

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Below is a graph showing the trend of sales volume to number of active listings for the period January 2021 through October 2023. These trends indicate a slowing sales market and potentially a buyers' market. 



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Posted by JOHN CORDASCO, SRA on November 14th, 2023 12:11 PMLeave a Comment

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Just ran statistics for the calander months of January thru October for the period of 2013 thru 2022. The average sales volume for January thru October for the period of 2013 thru 2022 is 13,018 units. The sale volume for the period of January thru October 2023 is 9,683 units, a difference of 3,335 units. Sales volume for the period of January thru October 2022 was 13,197 units, a drop of 3,514 units year over year. Current interest rates are not helping this situation. 

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Posted by JOHN CORDASCO, SRA on November 2nd, 2023 4:27 PMLeave a Comment

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Below is a data chart showing sales volume for the past 10 years for single family dwellings in El Paso County.  Overall sales volume for 2023 is most similar to the data from 2013.  The sales volume for 2023 is approximately 2500-3000 units below an average year for the 10-year period of January 2013 thru August 2023. 


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Posted by JOHN CORDASCO, SRA on October 10th, 2023 3:24 PMLeave a Comment

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Below is a graph depicting sales volume for El Paso County for the period between January 2017 and August 2023.  Overall sale volume is down considerably in 2023. 


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Posted by JOHN CORDASCO, SRA on August 31st, 2023 8:36 AMLeave a Comment

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The Graph below depicts days on market and sale volume for the period of August 2018 thru August 2023.  Days to sell only exceeds sales volume twice during this period. 



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Posted by JOHN CORDASCO, SRA on August 31st, 2023 8:16 AMLeave a Comment

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Below is a graph for El Paso County showing the median sale price and sale volume for the period of January 2022 thru August 2022.  Though volume is fluctuating, sale prices are relatively stable. 



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Posted by JOHN CORDASCO, SRA on August 31st, 2023 8:01 AMLeave a Comment

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Information obtained from the Pikes Peak mls shows sales volume for the period January 2021 thru 2023 shows a steady decline in overall sales from approximately April 2021 thru June 2023.. This is due in part to the higher interest rates and lower level of inventory available to potential buyers. 


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Posted by JOHN CORDASCO, SRA on July 11th, 2023 10:10 AMLeave a Comment

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This graph represents May 2018 thru May 2023 monthly active listings vs monthly sales volume.  We have not seen the current market conditions since 2018 thru 2019.  Sales volume continues to struggle to meet volume from previous years and the number of listings late 2022 and early 2023 have exceeded the highest volume in the past five years. 





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Posted by JOHN CORDASCO, SRA on June 12th, 2023 11:00 AMLeave a Comment

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The graph below shows the number of residential sales and median sale price for residential sales El Paso County for a 12 month period ending 05/31/2023.  The median number of sales is still well below the same period one year prior.  This is due in part to lower than typical listings available in our market.  Sales prices dipped at end of 2022 but have slowly moved upwards.  



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Posted by JOHN CORDASCO, SRA on May 31st, 2023 12:40 PMLeave a Comment

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Appealing your residential real estate property tax - El Paso County Colorado

The El Paso County assessor office has released the new assessments for El Paso County residential properties. The sale period the assessor uses to determine the assessed value for your home is January 1st, 2021, thru June 30, 2022.  The assessor will consider properties similar in size and location to assist with the assessment. 
If you think that your assessment is too high, please contact our office and we can run statistical data searches to determine if it would be wise to appeal your assessment. The initial assessment appeal is relatively easy and has to be completed and submitted to the assessor office by June 8th, 2023. 



November 20th, 2015 3:26 PM
Many plans and projects have been talked about for some time for Colorado Springs, such as the C4C projects. We have seen progress on some of the C4C projects and it looks like 2018 may be the year that some, but not all, will be completed. The next couple of years will bring some significant and much anticipated changes to Colorado Springs.

The Downtown Partnership, which meets each year to discuss projects they would like to see happen and how to make them happen, met last month. This year the discussions focused on what is already happening instead of what they would like to happen. One such project, the U.S. Olympic Museum and Hall of Fame, will be built in the southwest part of downtown Colorado Springs, with assurances from new Mayor John Suthers. The opening will coincide with the 2018 Winter Olympics in South Korea, which are set for Feb. 9, 2018. Before the opening of the museum, construction with the I25/Cimmarron interchange, which will provide an easier entrance into the downtown area, will also be completed.

Another project scheduled to begin construction in January 2018 is the Center for the Arts at UCCS, which will hold public venues and educational facilities. Along with the Arts Center, UCCS is also planning a sports medicine center. It will be located on North Nevada Avenue and it will be part of the university's Health and Wellness Village, and will offer elite athlete medical/performance based services. A program plan for the building is currently under development, and should be completed in the early part of 2017. Construction will likely begin in 2018.

Also slated as part of C4C, with much controversy, is the downtown stadium. With no financial backers coming forward, it is not certain when or if it will ever be constructed. A feasibility study still needs to be performed to see if the project is possible from a financial and operational standpoint. Until that is performed, there will likely not be any movement forward on the project.

The Air Force Academy will be donating 52 acres for the new visitors center near the north gate of the institution. They could break ground in 2017, but no completion date has been issued at this stage. The location was chosen so visitors will be able to access the building at all times. With high security issues sometimes keeping visitors outside the main gate, the new center will be accessible even when the Academy is not. Offered at the new site will be a small theater, interactive displays, retail space, offices and a conference room area for Academy personnel as well as outside groups. 

So it seems the next few years will yield big changes for Colorado Springs. After years of hoping and planning, these changes are coming and will hopefully secure the future for our city. These improvements will be a sign to businesses looking to move to Colorado Springs that we are a place that embraces forward thinking and improvement.

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Posted by JOHN CORDASCO, SRA on November 20th, 2015 3:26 PMLeave a Comment

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June 18th, 2015 1:28 PM
Two of the four City for Champions projects have been under way for some time; the Air Force Academy Visitors Center and the Center for Sports and Medicine at UCCS. Colorado Springs has been awaiting plans for the last two; the Olympic Museum, and the Sports and Event Center. Finally, plans for the long awaited Olympic Museum have been revealed.


Plans for the Olympic Museum will include 60,000 square feet of space and will be located near the intersection of Vermijo Avenue and Sierra Madre Street, in the southwest portion of the Urban Renewal District in downtown Colorado Springs. The museum will include exhibit space, a theater, and a cafe. The tours will go through the Olympic history of athletes as well as Paralympic athletes. Also featured will be a laboratory focusing on the science and technology of sports, including nutrition and training as well as other areas. Also in the plans is a bridge to America the Beautiful Park, which will become a natural gateway into downtown.  So far, the plan is to break ground in the spring of 2016, with an estimated completion time of December 2017. Hopes are for completion to be before the Olympic Winter Games in Korea in 2018.              

It is hoped by many that the museum will begin a new development in downtown Colorado Springs and bring more energy into the local tourism, hospitality and sports industries. The museum is expected to attract between 300,000 and 400,000 people annually. Of those, 80 percent are expected to be from out of town. That should certainly contribute to the local ecomony in a positive way.

As more of the City for Champions projects progress,  we can only hope that the last one, the Sports and Event Center, gets some traction.  With the Olympic Museum underway,  there is hope for the Sports and Events Center as well. In the meantime,  we can get excited for the completion of the other projects.

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Posted by JOHN CORDASCO, SRA on June 18th, 2015 1:28 PMLeave a Comment

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May 12th, 2015 5:15 PM
Back in December of 2013, Colorado Springs was granted tax funding assistance through the Regional Tourism Act for help in financing the City for Champions. The four proposed projects included the U.S. Olympic Museum and Hall of Fame; the Gateway Visitor Center at the Air Force Academy, the UCCS Sports Medicing and Performance Center; and the Colorado Sports and Event Center. A lot has happened since then. Where are we now?

Much progress has been made on the UCCS and Air Force Academy projects. This could be due to the heads of both schools being very supportive of their respective projects. The other projects don't have anyone strong cheering them on. It was hoped the Olympic Museum would be open by the end of 2017, or at least by the 2018 Winter Olympics. Initial plans were to have designs by mid-2015, which is approaching quickly. Hopefully we will see something in the near future.

As for the downtown Sports and Event Center, that is another situation altogether. It initially was proposed to be a new baseball stadium for the minor league team, Sky Sox, which has since left for another city. It was then proposed to be a 10,000 seat outdoor stadium/3,000 seat indoor stadium capable of holding multiple sporting events. The stadium has endured much criticism and any momentum that it had has since ceased. Perhaps it will pick up ground again once a new mayor is elected. Or maybe all it needs is an outspoken backer. The other projects have that and are seeing results, so maybe that is all that is neeed. There is potential in being a venue of multi-uses, so having the right person speaking about it will maybe gain support.

All these projects should potentially be a great thing for Colorado Springs economically, bringing in much more needed tourism and more jobs to the area. Hopefully we will soon see designs for the Olympic Museum. The Sports and Event Center has a lot of potential, but has a long way to go before we see anything concrete. Hopefully things get moving and we end up with an event center with all the potential we know it has; Olympic sports, soccer, basketball for local high schools and UCCS. Let's hope things get moving soon.



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Posted by JOHN CORDASCO, SRA on May 12th, 2015 5:15 PMLeave a Comment

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